By Robert Paterson, analyst, Morgan Stanley Dean Witter, London office

Two significant proposals have recently been published that may affect spreads in the Sterling securitisation market. Firstly, Paul Myners made public his recommendations in relation to the Minimum Funding Requirement (MFR) in a letter addressed to the Treasury and the Department of Social Security (DSS). Secondly, and perhaps more importantly, the UK Accounting Standards Board informally approved Financial Reporting Exposure Draft 20 (FRED 20).

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